MN HF490

Removes requirement that regulated investment companies be registered under chapter 80A to report exempt-interest dividends to Minnesota residents, effective immediately.

Changes withholding requirement for payments to out-of-state construction contractors from 8% of cumulative payments exceeding $50,000 to 8% of payments when contract value exceeds $50,000, effective for payments after December 31, 2013.

Modifies property tax classification definitions for split residential parcels, agricultural land, and managed forest land to clarify acreage requirements and contiguity rules, effective for taxes payable in 2014 and thereafter.

Establishes new exemptions from additional tax assessments on agricultural property upon death, divorce, marriage, farm reorganization, or trust transfers when beneficial ownership is maintained, effective immediately.

Updates E85 fuel definition to require greater than 50% (instead of minimum 60%) ethanol content and changes ASTM specification standard, effective immediately.

Modifies sales tax exemption certificate requirements to clarify "good faith" standard based on statutory availability and business reasonableness, effective retroactively from January 1, 2013.

Removes purchasing groups from certain nonadmitted insurance premium tax provisions and establishes separate tax treatment for surplus lines brokers, effective for premiums received after December 31, 2013.